As far as i can tell, Ambika funded its significant working capital requirements through cash generation (before WC adj) of 123cr + 89cr WC borrowing =212 cr, which is roughly what it needs. I still think 18% utilization is less as the co paid cash interest of 9.42cr and Cash taxes of 29.33 cr adding to ~39 cr. I dont track Ambika as closely as other members of this thread so cant comment on why WC intensity reduced but i think maybe it had something to do with Ambika expanding its speciality cotton yarn capacities. If i remember correctly, it expanded its capacities to manufacture speciality cotton yarn in 2010 or thereabouts in response to better demand before becoming a pure speciality cotton yarn player.
For WC calculation one can refer to my post where i have uploaded the sheet
Best
Bheeshma